South Lake Tahoe Real Estate Review for May 2009

For the third month in a row, the number of new escrows for single family homes on the South Lake Tahoe mls has increased. In May there were 56 single family houses in South Lake Tahoe that went into escrow, this was up from 43 in April, and up from 38 in March. The total number of houses in South Lake Tahoe that are in escrow is now up to 96. With 20% of our current single family housing inventory in escrow, the South Lake Tahoe real estate market seems to be stabilizing.

Distress sales are still accounting for about half of our current escrows. Out of the 96 houses that are in escrow, 19 are bank owned foreclosures, and 31 are short sales. Out of the 56 new May escrows, 11 are bank owned foreclosures, and 14 are short sales.

The listing prices of the houses that went into escrow in May were also up from the escrows in April.  Both the average list price per square foot and median list price of the new escrows was up slightly.

Statistics for the Pending May Single Family Homes in South Lake Tahoe for May

• There were 56 new single family houses in South Lake Tahoe that went into escrow in May (up from 43 in April)
• The median list price for the homes was $369,700 (up 5% from $349,900 in April)
• The average list price per square foot was $253 (up 3% from $246 in April)
• The median days on the market was 75 (down from 129 in April)
• 11 of the new escrows were bank owned foreclosures (13 foreclosure escrows in April)
• 14 of the new escrows were short sales (15 new short sale escrows in April)

The foreclosure listings in South Lake Tahoe that went into escrow in May were priced much lower than the non-foreclosure listings. The average price per square foot for the foreclosures in South Lake Tahoe was only $177. The median list price for the foreclosure listings was $295,000 and the average list price was $296,405. Many of the foreclosure listings had multiple offers on them and went into escrow within just a few days of being listed. There are now currently 19 foreclosures in South Lake Tahoe that are in escrow.

The new short sales in South Lake Tahoe that went into escrow had a much higher list price per square foot at $249. The median list price for the short sale listings was $479,000 and the average list price was $481,600. The short sales also took longer to sell, the average days on the market was 146.

The number of houses in South Lake Tahoe that actually sold in May was 26, up one home from April. There should be a lot more closed escrows in June from the pending sales from April and May. Escrows are now taking from 45 to 60+ days due to the fact that lenders are now taking longer to push loans through. The average sales price, median sales price, and average price per square foot were all up in May compared to April.

Statistics for the Sold Single Family Homes in South Lake Tahoe for May

• There were 26 houses in South Lake Tahoe that sold in May
• 11 of the sold houses were bank owned foreclosures
• The average sales price was $360,169 (up 13% from April when it was $334,696)
• The median sales price was $315,000 (up 8% from April when it was $291,000)
• The average sales price per square foot was $222 (up 5% from April when it was $210)
• The average days on the  market was 125
• None of the 26 houses sold in May were reported as short sales!

With 31 short sales in South Lake Tahoe currently in escrow, and none that closed escrow in May, short sales are still a bit of a challenge to say the least.

The 11 foreclosures in South Lake Tahoe that sold in May had an average sales price of $187, a median sales price of $240,000, and an average sales price of $261,682. The median days on the market for the sold foreclosures was 69, including the escrow period.

The South Lake Tahoe real estate market is definitely showing signs that the bottom is either near or has passed. The amount of pending sales continues to rise and the median and average sales price has increased over the past month.

Make sure to keep reading Brent and Jills South Lake Tahoe real estate blog for the latest statistics for real estate in South Lake Tahoe!